The ongoing popularity of Downton Abbey and more recently, Bridgerton, have kept Georgian era property firmly at the top of the nation's property wishlist for over a decade. However, if you're looking to own one, the price premiums may have you clutching your pearls.
Research from estate agent comparison site, GetAgent.co.uk, has revealed that high demand has seen home sellers across England sell their Georgian property for over £200,000 more, compared to comparable non-Georgian properties within the same area.
GetAgent.co.uk analysed the average sold price of Georgian homes in the current market and how they compare to non-Georgian homes of the same size and within the same area.
The research shows that, on average, a Georgian home currently commands a hefty £759,612 in current market conditions. That’s 36% more than comparable non-Georgian homes, a house price premium of £202,874.
In London, a Georgian property will set you back over £1.8m on average, almost half a million pounds more than a non-Georgian property.
The North East is home to a Georgian property price premium of £279,729 and at 87%, these homes carry the highest Georgian price premium in percentage terms.
Georgian era homes also carry house price premiums in excess of £200,000 in the South East (£260,737), North West (£232,354) and Yorkshire and the Humber (£205,771).
But why do these properties command such robust market values?
Georgian era homes are often grand in appearance and offer the size and curb appeal that many second and third rung buyers are searching for, particularly since the pandemic and life under lockdown restrictions.
Having stood the test of time structurally, they offer the opportunity to own a more unique home steeped in history. But while many pre-World War I homes are listed, a Georgian property won’t necessarily be a listed or heritage site, meaning it doesn’t carry the same restrictions with regard to modernisation or renovation.
This allows the modern-day homeowner to mix old and new, combining historic architecture with modern interior design and comfort. However, while renovations may not be restricted, they can be tricky and may require additional or specialised care which can be more costly.
Colby Short, Founder and CEO of GetAgent.co.uk, commented: “Georgian properties are incredibly popular and provide a great opportunity to own something more unique than your average new-build home. While historic, their size and style are often timeless and these are two factors that resonate strongly with buyers in today’s market. When you couple this appeal with the fact that stock availability is also limited, the result is a sizeable market premium when compared to non-Georgian homes.
"While they are steeped in history, they aren’t necessarily listed, so they also offer homebuyers the opportunity to renovate and modernise the property to today’s living standards.
"However, their upkeep and renovation are likely to be more costly and with these properties already costing considerably more to begin with, it’s important to be realistic about your initial and ongoing budget when looking to buy.”